3Q11 - Zon

Net IncomeNet Income 3Q11 / 3Q10[Millions of Euros]Net Income 9M11 / 9M10[Millions of Euros]+5.7%(9.6)%8.69.131.628.53Q103Q119M109M11(millions of euros) 9M11 Δ % DriversD&A (164.3) 2.3%Level of Depreciation and Amortization is still explained by the significant CAPEX of the previous years but which will now tend tostabilize over timeNet Financial Expenses(31.2) 17.7%Net Interest charges and other financial expenses of 18.7 million eurosNegative contribution in 9M11 of the Equity Consolidation of Angolan operation in the amount of , decreasing from 2.8 million euros in1Q11 to 2.3 million euros in 2Q11 and 2.0 million euros in 3Q11Income Taxes (12.1)52.2%Normalized level of tax rate at 29.5%18